(ECNS) -- Chinese technology conglomerate LeEco is ready to roll out massive layoffs, including a 70 percent cut in its sports branches, as it continues to struggle with financial problems, reported China Business Journal.
The layoffs will involve several of LeEco-controlled units including cuts at the marketing and brand center from more than 100 workers down to 30 and a 50 percent reduction in the sales and service department.
LeSports, its sports video streaming service, will retain only 200 members of its current 700 workforce. Le.com will also lay off 10 percent of its staff. There are no reports about layoff plans at LeEco's film and TV operation sectors.
The cash-strapped tech giant said the layoffs are a normal response to the market, but it declined to comment on future development plans following the heavy reshuffle.
China Business Network reported LeEco will also lay off about a third of its 475-strong workforce in the U.S. during the next few months.
Several top managers have also quit, said the report.